Reported 2 days ago
The world's 500 richest individuals collectively lost $108 billion in a tech-driven selloff triggered by the rising popularity of Chinese AI developer DeepSeek. Key figures like Nvidia's Jensen Huang and Oracle's Larry Ellison saw significant drops in their fortunes, raising questions about the future of AI investments and capital spending in Silicon Valley. As DeepSeek's free chatbot app gained traction, it challenged the established narrative that large investments in AI are essential, leading to a reevaluation of strategies among tech billionaires.
Source: YAHOO